BSE NSE Stock Market Report 30 July 2009

BSE NSE Stock Market Report 30 July 2009

Strong Q1 June 2009 earnings from State Bank of India (SBI) and Mahindra & Mahindra (M&M) and firm global stocks helped the key benchmark indices snap a three day losing streak. A recovery in Chinese shares after Wednesday's (29 July 2009)'s 5% slide helped soothe investors' nerves. The BSE 30-share Sensex jumped 214.50 points or 1.41%, up close to 320 points from the day's low. The Sensex attained its highest closing since 11 June 2009. IT, realty, banking and FMCG stocks led gains. But index heavyweight Reliance Industries (RIL) slipped. The market breadth was strong.

As per the provisional figures on BSE, foreign funds bought shares worth Rs 366.81 crore and domestic funds sold shares worth Rs 286.67 crore today, 30 July 2009.

Volatility was high as traders rolled over positions from July 2009 contracts to August 2009 contracts in the futures & options segment ahead of the expiry of July 2009 contracts today, 30 July 2009. Rollover of Nifty positions from July 2009 contracts to August 2009 contracts was about 60% at the end of Wednesday's (29 July 2009) trading. Rollover in Mini Nifty futures was about 43%.

The key benchmark indices slipped in early trade tracking losses in Asian stocks. After an initial slide the market moved to positive zone for a brief period before slipping into the red again. It recovered sharply in mid-morning trade tracking recovery in Chinese stocks. The market extended gains in early afternoon trade as the latest data showed inflation remained in the negative territory for a seventh week in a row. The market pared gains after surging to a fresh intraday high in mid-afternoon trade. The market extended gains in late trade on strong Q1 results from SBI and M&M.

The market today snapped last three days' losing streak. From a recent high of 15,378.96 on 24 July 2009, the Sensex had lost 205.50 points or 1.33% to 15,173.46 on Wednesday, 29 July 2009.

The wholesale price index (WPI) fell 1.54% in 12 months to 18 July 2009 compared to previous week's fall of 1.17% the government data showed at 11:50 IST. But the government revised upwards inflation for the week ended 23 May 2009 to 1.34% from 0.48%.

The Q1 June 2009 results announced so far have been encouraging, with lower costs helping bottomline growth. The combined net profit of 1438 companies rose 25.8% to Rs 67307 crore on 5.6% fall in sales to Rs 622730 crore in Q1 June 2009 over Q1 June 2008.

Finance Minister Pranab Mukherjee told the parliament on Wednesday that economic growth was showing certain signs of improvement, and trade minister Anand Sharma said efforts were being made to reduce the trade deficit. The economy grew by 6.7% in 2008/09 (April/March), and Mukherjee said India will able to maintain that level of growth. On Tuesday, 28 July 2009, the Reserve Bank of India (RBI) projected growth in 2009/10 at 6% with an upward bias.

A weak monsoon remains a cause of concern. India's monsoon rains were 18% below normal in the week to 29 July 2009, having been above normal in the preceding two weeks. Total rainfall since the beginning of June was 19% below average, the India Meteorological Department said on Thursday. More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.

Meanwhile, foreign direct investments (FDI) in India declined 43% to $2.2 billion in May 2009 over May 2008.

European shares rose on Thursday, as investors digested a raft of earnings, which continue to be mostly positive. Key benchmark indices in France, Germany and UK were up by between 0.53% to 1.2%.

Asian stocks rose, recovering from early losses. China's Shanghai Composite ended 1.69% higher, recovering from an initial fall. The index had declined 5% on Wednesday amid concern the government will curb inflows into a market that had more than doubled from last year's low.

Meanwhile, a statement on the People's Bank of China Web site late Wednesday cited a senior official as saying the central bank will emphasize market-based forces, rather than administrative controls in setting credit growth. The statement suggested the government isn't planning to set loan curbs at this time.

Key benchmark indices in Hong Kong, Singapore, South Korea and rose by between 0.49% to 1.23%.

Japan's Nikkei rose 0.51% in volatile trade as Japanese manufacturers increased production for a fourth month in June 2009, capping the fastest quarterly output expansion in more than half a century and helping the economy rebound from its deepest post-war recession.

Trading in US index futures indicated Dow could rise 66 points at the opening bell today, 30 July 2009.

US stocks fell on Wednesday, 29 July 2009 as investors worried that China might be ready to hit the brakes on lending, a move that could curb demand and hinder the global economic recovery.

The Dow Jones Industrial Average was down 26 points, or 0.3%, to 9,070.72. The S&P 500 index fell 4.47 points, or 0.5%, to 975.15, while the Nasdaq Composite Index was down 7.75 points, or 0.4%, to 1,967.76.

In economic news, orders for durable goods fell 2.5% in June 2009, much more than expected. Meanwhile mortgage applications fell for the first time in four weeks.

The BSE 30-share Sensex rose 214.50 points or 1.41% to 15,387.96, its highest closing since 11 June 2009. The Sensex rose 236.45 points at the day's high of 15,409.91 in late trade. The Sensex lost 107.98 points at the day's low of 15,065.48 in early trade.

The S&P CNX Nifty was up 57.95 points or 1.28% to 4,571.45. Nifty August 2009 futures were at 4578, at a premium of 6.55 points as compared to the spot closing of 4571.45. Turnover in NSE's futures & options (F&O) was Rs 94,477.38 crore, much lower than Rs 1,16,508.34 crore on Wednesday, 29 July 2009. BSE clocked a turnover of Rs 6,027 crore, lower than Rs 7,534.13 crore on Wednesday, 29 July 2009.

The Sensex is up 5,740.65 points or 59.5% in calendar year 2009 as on 30 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 7,227.56 points or 88.56% as on 30 July 2009.

Coming back to today's trade, the market breadth, indicating the overall health of the market, was strong. On BSE, 1,499 shares advanced as compared with 1,167 that declined. A total of 85 shares remained unchanged.

Among the 30-member Sensex pack, 23 rose while the rest declined.

The BSE Mid-Cap index was up 0.54% and the BSE Small-Cap index was up 0.8%. Both the indices underperformed Sensex.

The BSE IT index (up 2.8%), the BSE FMCG index (up 2.7%), the BSE Bankex (up 2.2%), the BSE TECk index (up 1.57%), outperformed the Sensex.

The BSE Oil & Gas index (down 0.19%), the BSE Power index (down 0.03%), the BSE Metal index (down 0.02%), the BSE Healthcare index (up 0.09%), the BSE Consumer Durables index (up 0.13%), the BSE Capital Goods index (up 0.2%), the BSE Auto index (up 0.86%), the BSE PSU index (up 0.89%), the BSE Realty index (up 1.3%), underperformed the Sensex.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 1.37% to Rs 1,899.90 after Anil Ambani said he will approach the Supreme Court on Thursday, 30 July 2009, seeking a final hearing on the two-year-old gas supply dispute on 1 September 2009. According to him the gas supply dispute between RIL and Reliance Natural Resources (RNRL) vitally affects public interest. The matter concerns power projects of national importance representing a capacity of 12,000 megawatt (MW) and an investment of over Rs 50,000 crore and affects the interests of over 10 million shareholders, he said.

The Supreme Court on 20 July 2009, asked the energy giant and former group firm Reliance Natural Resources (RNRL) why a gas pact between the two should not be cancelled. The court has scheduled next hearing on the dispute over the gas supply to Reliance Natural Resources (RNRL) on 1 September 2009.

RNRL has asked the Supreme Court to dismiss the government's affidavit on the dispute, even as the petroleum ministry has suggested that the court treats the pact between the two brothers null and void. The dispute concerns supply of natural gas from RIL's field, off the Andhra Pradesh coast, as also the price at which Reliance Natural Gas will get the fuel for power projects within the group.

In reply to the lawsuit filed by Reliance Industries challenging the Bombay High Court order, RNRL has said the government has no role to play in the private gas sharing dispute, and certainly not as a party to the row.

Oil exploration pivotals were mixed after crude futures tumbled almost 6% Wednesday as US oil inventories unexpectedly rose, raising fresh concerns of weak demand. India's largest exploration firm by sales ONGC rose 0.12%. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

Cairn India fell 0.58% as consolidated net profit fell 67.2% to Rs 45.44 crore on 49.2% fall in sales to Rs 204.95 crore in Q2 June 2009 over Q2 June 2008. The company declared the results after trading hours on Wednesday.

PSU OMCs rose on fall in crude oil prices. BPCL and HPCL rose by between 4.3% to 8.01%. Lower oil prices will reduce underrecoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.

Indian Oil Corporation rose 4.08% as its net profit jumped 787.15% to Rs 3682.83 crore in Q1 June 2009 over Q1 June 2008. The company announced the result during market hours today.

Auto stocks rose after posting strong Q1 June 2009 results in the past few days. India's largest truck market by sales Tata Motors rose 0.44%. The company on Tuesday, 28 July 2009 reported 57.54% rise in net profit to Rs 513.76 crore on a 7.17% decline in total income to Rs 6723.99 crore in Q1 June 2009 over Q1 June 2008.

India's largest tractor maker by sales Mahindra & Mahindra rose 1.22% after net profit rose 151.63% to Rs 400.80 crore on 28.04 % rise in total income to Rs 426.61 crore in Q1 June 2009 over Q1 June 2008. The results for the current quarter include the figures of the erstwhile subsidiaries Mahindra Holdings and Finance and Punjab Tractors which were merged with the company. Hence, the figures of the current quarter are not comparable with those of the previous year's quarter. The results hit the market just a while back.

India's top small car maker by sales Maruti Suzuki India was flat at Rs 1,397.70.

India's largest bike maker by sales Hero Honda Motors was flat at Rs 1,639.60. The company posted 83% jump in net profit to Rs 500 crore on 34% rise in total revenue to Rs 3865 crore in Q1 June 2009 over Q1 June 2008. The company announced the Q1 result after market hours on Wednesday, 29 July 2009.

Rate sensitive realty shares reversed early losses as inflation remained in the negative zone. Investors are concerned that the central bank may start reversing its interest-rate cuts in early 2010 as food and energy prices fan inflation. Rising interest rates may dent property demand as most of the commercial and housing deals are driven by finance.

India's largest real estate developer by sales DLF rose 1.02% ahead of its Q1 June 2009 result today. Unitech, Indiabulls Real Estate, Phoenix Mills and Omaxe rose by between 0.95% to 3.31%.

IT stocks rose on weak rupee. Better-than-expected Q1 June 2009 results by IT pivotals Infosys, Wipro and TCS also underpinned sentiment for IT stocks. TCS, Infosys and Wipro rose by between 1.34% to 6.04%.

The rupee recovered against the dollar after hitting a one-week low in early trade. The partially convertible rupee was hovering at 48.33/48.34, firmer than Wednesday's close of 48.42/48.43. A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Patni Computer Systems rose 12.55% after the company said it will scout for acquisitions in the range of $50 million-$200 million in Europe and the Asia-Pacific to help lower its dependence on the US market.

Bank stocks rose on strong Q1 results from State Bank of India, India's biggest commercial bank in terms of branch network. State Bank of India (SBI) rose 4.37% as its net profit jumped 42.02% to Rs 2330.37 crore on 29.86% rise in total income to Rs 21041.51 crore in Q1 June 2009 over Q1 June 2008. The results hit the market during trading hours today.

India's second largest private sector bank in terms of operating income HDFC Bank rose 2.95%. India's largest private sector bank in terms of operating income ICICI Bank rose 3.14%.

Some FMCG stocks rose on improvement in India's annual monsoon in July 2009 after a dry spell in June 2009. FMCG firms derive substantial revenue from rural sector. Britannia Industries, ITC, Dabur India, Nestle India, United Spirits, Tata Tea, rose by between 0.65% to 2.79%.

India's largest FMCG company by sales Hindustan Unilever rose 5.15%. The company reported a 2.68% fall in net profit to Rs 543.19 crore on a 5.06% increase in total income to Rs 4536.17 crore in Q1 June 2009 over Q1 June 2008. The results were declared during trade hours on Tuesday, 28 July 2009.

India's largest private sector steel maker by sales Tata Steel rose 2.53% even as net profit fell 47% to Rs 789.83 crore on a 8.16% decline in total income to Rs 5661.89 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours on Wednesday, 29 July 2009.

India's second largest steel maker by sales Steel Authority of India rose 3.26% even as net profit fell 27.74% to Rs 1326.09 crore in Q1 June 2009 over Q1 June 2008. The company announced the result during trading hours today.

India's largest copper market by sales Sterlite Industries rose 0.89%. The company's net profit fell 68.5% to Rs 112.70 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours on 29 July 2009.

Construction stocks rose on government's thrust on infrastructure sector in Union Budget 2009-2010. Era Infra Engineering, Gayatri Projects and IVRCL Infrastructure & Projects rose by between 1.56% to 3.14%.

But capital goods stocks fell on profit taking after a recent surge triggered by government's thrust on the infrastructure sector in Union budget 2009-2010. Bharat Heavy Electricals, Punj Lloyd, ABB, Praj Industries, Siemens fell by between 0.06% to 1.86%.

Cement stocks rose on posting good Q1 June 2009 results. Grasim Industries, ACC, Ambuja Cements and Ultratech Cements rose by between 0.78% to 4.1%.

Some power stocks rose after a strong response to the Adani Power initial public offer which opened for subscription on Tuesday, 28 July 2009. NTPC, Power Grid Corporation Of India, Torrent Power rose by between 1.45% to 2.96%. Reliance Infrastructure rose 1.8% ahead of its Q1 June 2009 result today.

Sun Pharmaceuticals Industries tumbled 3.62% after net profit fell 56.7% to Rs 121.51 crore on a 39.5% decline in sales to Rs 405.88 crore in Q1 June 2009 over Q1 June 2008. The company announced the results during trading hours on Wednesday, 29 July 2009.

Other healthcare stocks, Cadila HealthCare, Piramal HealthCare, Lupin fell by between 0.02% to 3.7%.

Unitech clocked highest volume of 1.54 crore shares on BSE. Suzlon Energy (1.47 crore shares), Mahindra Satyam (1.14 crore shares), Ispat Industries (1.1 crore shares) and Ruchi Soya Industries (1.08 crore shares) were the other volume toppers in that order.

Tata Steel clocked the highest turnover of Rs 255.38 crore on BSE. Housing Development & Infrastructure (Rs 185.26 crore), DLF (Rs 171.59 crore), Suzlon Energy (Rs 145.94 crore) and State Bank of India (Rs 144.07 crore) were the other turnover toppers in that order.

Closing Bell 30 July 2009

Closing Bell 30 July 2009

Sustained buying activity for most part of the day helped the Indian markets to close significantly in the positive today. The BSE-Sensex ended higher by around 230 points, while the NSE-Nifty ended higher by about 65 points. Both, the small and mid caps indices also closed firm, up by around 0.5% and 0.7% respectively. Gains were led by stocks from the FMCG, banking and IT sectors, while select energy and engineering stocks closed in the red. The overall advances to decline ratio was poised at 1.3 to 1 on the BSE

Most other Asian indices closed in the positive. The European markets are also currently trading firm. Rupee was trading at 48.42 against the US dollar at the time of writing.

As per a leading business daily, HUL, in a strategy to take on micro rivals and down trading, plans to offer a cheaper product in the oral care category. It may be noted that the company’s market share in the oral care is around 28% in value terms and it plans to increase the same. The share of market leader Colgate in the oral care space is 52% in volume terms. At present, the company’s rural penetration level in the oral care space is low. As a strategy, few months ago, the company introduced Rs 5 to Rs 10 packs of oral care paste in a few states, which helped company to improve its share in that states. Now, the company has decided a nationwide launch for such variants. Further, the company also plans to tackle down trading in the tea and laundry segment at the national level by leveraging its distribution network. In all, HUL plans to move towards volume share growth to offer mass end pricing. In the process, the company believes to eventually get back its lost value share. The stock of HUL ended in the green.

Gujarat gas announced its 2QCY09 results recently. The company has registered an 8% YoY growth in the topline during 2QCY09 due to growth in realisations from retail markets and optimisation of market mix. The operating margins improved by 3.9% as raw material cost declined by 1.3% (as a percentage of sales) on a YoY basis, while other expenditure declined by 2.7% (as a percentage of sales). The bottomline growth stood at 8% YoY during the quarter. Despite reporting lower other income (decreased by 63% YoY) and higher interest and depreciation costs, the growth in net profits has come in on account of robust 32.5% YoY growth in operating profits. The company’s board has recommended issue of bonus shares at 1:1.

Inflation (as measured by the WPI) dropped to -1.54% for the week ending July 18. During the previous week, the figure stood at -1.17%. During the same week last year, the inflation figure stood at 12.54%. Food prices continued their upward trend during the week, while prices of fuel products witnessed a decline on a week on week basis. India’s central bank, the RBI recently stated that the uncertain outlook for the monsoons is likely to perk up food-price inflation going forward.

The Indian markets remained firm during the previous two hours of trade on account of sustained buying activity across heavyweights. Currently, stocks from the IT and realty sectors are leading the pack of gainers, while stocks from the engineering and healthcare space are trading weak. The overall market breadth is positive with total gainers outnumbering losers in the ratio of 1.4 to 1 on the BSE.

The BSE-Sensex and NSE-Nifty are trading higher, up by around 100 points and 30 points respectively. The BSE-Midcap and the BSE-Smallcap indices are trading higher, up by around 0.6% and 0.8% respectively. The Rupee is trading at 48.46 to the Dollar.

Auto stocks are trading mixed. Ashok Leyland and Tata Motors are trading firm, while Maruti Suzuki is in the red. As per a leading business daily, Tata Motors has taken a new strategic initiative for its marquee brands - Jaguar Land Rover (JLR). The company plans to build all the future cars of these brands with light weight aluminium bodies in order to reduce input costs, reduce weight and CO2 emission. It is also developing a hybrid power train that will be introduced in future models of JLR. The company plans to widen and re-energise the product range of these brands by launching several new models in the coming years. It may be noted that Tata Motors had acquired the JLR brands last year in order to get access to technology and create a global presence. Interestingly, with the global credit crisis the auto sector across the world has experienced a major slowdown. Consequently, most of the auto companies across the world are facing difficulties in sustaining their operations and JLR is no exception to this. In fact, JLR sales volumes declined by around 32% between June 2008 and March 2009. However, with the initiatives taken by Tata Motors for JLR, it seems that the company may be able to ride out the difficult times.

Steel stocks are trading firm led by SAIL and Tata Steel. Tata Steel announced its 1QFY10 results yesterday. The standalone topline of the company declined by 8.7% YoY in 1QFY10 on account of lower realisations during the quarter. However, the volumes witnessed a robust growth of 22.3% YoY in 1QFY10 as compared to the corresponding quarter last year. Operating profits declined by 42.4% YoY led by higher operating costs, thus operating margins declined by 18.2% to 31% during the quarter. The bottomline declined by 46.9% YoY, slightly higher than operating profits, mainly on account of higher interest costs and depreciation charges during the quarter.

The Indian markets turned positive during the previous two hours of trade on the back of heavy buying activity among index heavyweights. Buying activity is being led by stocks from the IT and realty sectors, while select stocks from engineering and metal sectors are trading weak. The overall market breadth is positive with total gainers outnumbering the losers in the ratio of 1.3 to 1 on the BSE.

The BSE-Sensex and NSE-Nifty are trading higher, up by around 55 points and 25 points respectively. The BSE-Midcap and the BSE-Smallcap indices are trading higher, up by around 0.3% and 0.7% respectively. The Rupee is trading at 48.48 to the Dollar.

Cipla announced its 1QFY10 results yesterday. The company has reported 14% YoY topline growth during 1QFY10, largely led by the 29% YoY growth in its export formulations business. The operating margins witnessed substantial expansion of 8.6% during the quarter, largely due to a fall in raw material costs and other expenditure (as percentage of sales). Despite surge in interest costs and tax expenses, the bottomline grew by 73% YoY. The net profits were bolstered by the superlative 75% YoY growth in operating profits. Pharma sector stocks are trading mixed currently.

As per National Association of Software and Service Companies, the software and outsourcing industry is expected to report growth of 4% to 7% this fiscal to become US$ 48 to 50 bn in revenues. Last fiscal, the industry’s export revenues reported a growth of 14.6%. The single digit growth for FY10 is considered good given the economic environment. The export market is about thrice as much as the domestic market. So the slower growth of the export industry is likely to restrict the overall growth of the sector. The domestic market is expected to grow at a much faster rate of 15% to 18% as compared to outsourcing business. This robust growth in revenues of domestic business is likely to aid IT-BPO industry. The industry has made adaptations and adjustments in its working model to survive the downturn. Some of them are fixed price and outcome-based contracts, shifting of onsite personnel to offshore locations to reduce costs, etc. The core markets such as North America and verticals such as banking and financial services industry have started to stabilise. Furthermore, to achieve growth, the industry is looking at domestic segments and unexplored markets like South America, West Asia, and blocks of Europe. Software sector stocks are trading mixed currently.

The Indian markets have extended yesterday’s losses in line with their Asian peers and are currently trading in the negative. The overall advance to decline ratio stood at 1.4:1 on the NSE. Auto and software stocks are witnessing investors’ interest, while engineering, banking and pharma stocks are trading lower. As regards the global markets, the US markets ended lower yesterday, while the European markets ended in the green. The Asian markets are witnessing negative sentiments currently.

The BSE Sensex is trading lower by around 25 points. The NSE Nifty is down 20 points. The BSE Midcap and the BSE Smallcap indices are trading flat. The rupee is trading at 48.62 to the dollar.

2-wheeler major Hero Honda reported robust results for 1QFY10. The net sales witnessed a strong growth of 34% YoY on the back of a stellar 25% YoY increase in volume sales. The company managed to beat the industry, which saw a 12% YoY growth, yet again. It also reached a market share of 59% and crossed the 1 m volume mark during the quarter. The operating profits grew at an enviable rate of 87% YoY as lower raw material costs lead to nearly 500 basis points expansion in operating margins. Stellar operating profits translated into an equally robust bottomline growth of 83% YoY. The company has continued with its consistently robust topline performance driven by volume growth across segments and markets. As per the company, sales are expected to witness a gain of 7.5% this year and cross 4 m units. A strong business model coupled with favourable industry scenario and market leadership makes Hero Honda a strong play in the 2 wheeler segment. Auto stocks are trading firm.

FMCG stocks are trading mixed. As per a leading business daily, FMCG companies witnessed yet another quarter of double-digit topline growth. While the growth is largely volume driven as against the value growth witnessed last year, the performance remains strong. The high volume growth was led by increase in advertising and promotion expenses coupled with pricing adjustments, an increase in grammage and a spate of new launches and product innovations. Companies like Dabur, Marico, Godrej Consumers and Colgate witnessed strong double -digit growth, while FMCG biggies like ITC and HUL saw a lower growth of 6% YoY (non-cigarette business) and 2% YoY during the quarter respectively. Further, the companies also witnessed a margin expansion due to lower input costs. The companies are confident of volume growth to continuing both from the rural and urban areas. While monsoons would play a critical role during the current year, the continued focus of the government on rural areas, lower penetration and rising consumerism would aid the FMCG sector in its growth

Infrastructure is one of India’s biggest stumbling blocks. And events in recent years have made it clear that land acquisition is in turn the biggest stumbling block in creating infrastructure. In fact, land acquisition accounts for around 70% of infrastructure projects facing delays.

The National Highways Authority of India (NHAI) has plans of laying 20 km of roads each day. As of June 30, 202 projects are being implemented under the National Highways Development Project.

In an attempt to avoid land acquisition problems going ahead, it will open 150 special land acquisition units (SLUs) and 10 regional offices across the country. As per a leading daily, states like Rajasthan, Bihar, Uttar Pradesh, Gujarat, Orissa, West Bengal, Jharkhand, Maharashtra and Assam will be covered. It may be noted that Tamil Nadu and Karnataka already have SLUs.

In our opinion, this is a step in the right direction of greater decentralization of the NHAI. Being present merely in Delhi is not adequate as the actual action on the ground happens in various states.

Microsoft and Yahoo vs. Google

After much negotiation, Microsoft and Yahoo have finally decided to partner in the Internet search and advertising space in order to take on the might of Google. It may be noted that earlier, Microsoft had tried to acquire Yahoo, but failed. Under the new 10 year deal, Microsoft will provide the search technology on Yahoo’s site. Yahoo in turn will focus on publishing web content in areas like finance and sports.

We doubt if this move will threaten Google’s dominance – which holds 65% market share in the US. Microsoft and Yahoo put together muster only 28%. Given how favorably internet users view Google due to years of customer-friendly behavior, it is likely that its advantage will be sustainable.

BSE NSE Market Voices 30 July 2009

BSE NSE Market Voices 30 July 2009

Shrugging off a listless and somewhat negative start, the market rallied sharply in afternoon trade and signed off on a firm note today.

The positive close in most of the Asian markets, a firm trend on the European bourses and higher U.S. index futures kept the sentiment firm.

A series of impressive report cards from India Inc., and hectic short-covering due to derivatives expiry also contributed to the surge. The Sensex ended at 15,374.37 (provisional) with a gain of around 200 points or 1.32%. The BSE barometer, down over 100 points at 15,065 at one state, rose to 15,409.91 by late afternoon. The Nifty closed at 4570.80, off the day's high of 4582.35, with a gain of 57.30 points or 1.27%.

IT stocks, led by heavyweights, Infosys, TCS and Wipro, moved up sharply. SBI's strong results buoyed up bank stocks. FMCG and realty stocks too had a niced ride up the charts. PSU oil marketing stocks were in demand. ower, metal and pharma stocks were a bit subdued today.

Buying remained stock specific in midcap and smallcap segments. The market breadth was fairly strong at close.

Zee News can add Rs 50: Rajen Shah, CIO, Angel Broking, on CNBC-TV18

Strong results buoyed up Bhushan Steel to Rs 753.50 this afternoon. The stock is up by nearly 4.5% at Rs 746.25 now. One can continue to hold this metal stock for solid gains over a short to medium term. Fresh buying can be considered at declines.

Max India has slipped by over 2% on weak results. The company has posted a net profit of Rs 2.10 million for the quarter ended June 30, 2009 as compared to Rs 136.10 million for the quarter ended June 30, 2008. Total income has decreased from Rs 1188.60 million for the quarter ended June 30, 2008 to Rs 848.70 million for the quarter ended June 30, 2009.

Back on track: Hindustan Unilever touched an intraday high of Rs 280.25 and an intraday low of Rs 266.25. The stock was quoting at Rs 278.50, up Rs 10.45, or 3.90%.

Stock split effect: GMR Infrastructure touched an intraday high of Rs 144.90 and an intraday low of Rs 138.55. The stock was quoting at Rs 144.50, up Rs 3.10, or 2.19%. GMR Infrastructure Ltd has informed that the Board of Directors of the Company has accorded approval for sub-division of all its equity shares of Rs 2/- each into 2 equity shares of Re 1/- each, subject to the approval of members of the Company at the forthcoming Annual General Meeting. The GMR Infrastructure stock is currently trading at Rs 144.

Smart move: Ashok Leyland touched an intraday high of Rs 36.80 and an intraday low of Rs 34.50. The stock was quoting at Rs 36.35, up Rs 1.65, or 4.76%

Among major gainers: HDFC touched an intraday high of Rs 2,448 and an intraday low of Rs 2,362.90. The stock was quoting at Rs 2,444.15, up Rs 81.25, or 3.44%.

Ashok Leyland touched an intraday high of Rs 36.80 and an intraday low of Rs 34.50. The share was quoting at Rs 36.35, up Rs 1.65, or 4.76%.

It was trading with volumes of 1,923,930 shares. Yesterday the share closed down 0.86% or Rs 0.30 at Rs 34.70.

Mahindra & Mahindra has posted a net profit of Rs 4008.50 million for the quarter ended June 30, 2009 where as the same was at Rs 1593.00 million for the quarter ended June 30, 2008. Total Income is Rs 42661.60 million for the quarter ended June 30, 2009 where as the same was at Rs 33318.00 million for the quarter ended June 30, 2008.

The results for the current quarter include the figures of the erstwhile subsidiaries Mahindra Holdings and Finance Ltd and Punjab Tractors Ltd which merged with the Company effective, February 01, 2008 on August 11, 2008 and August 01, 2008 on February 16, 2009 respectively. Hence, the figures of the current quarter are not comparable with those of the previous year's quarter.

Rural Electrification Corporation touched a 52-week high of Rs 203.80. The share was quoting at Rs 198.50, up Rs 10.90, or 5.81%. It was trading with volumes of 1,120,082 shares, compared to its five-day average of 543,125 shares, an increase of 106.23%. Yesterday the share closed up 4.86% or Rs 8.70 at Rs 187.60.

Educomp Solutions Limited has posted a net profit of Rs 362.702 million for the quarter ended June 30, 2009 as compared to Rs 167.743 million for the quarter ended June 30, 2008. The stock is trading flat at Rs 4162 now. One with a good appetite for risk can consider buying the stock at 10 - 20% down from current levels.

52-week high: Hexaware Technologies touched a 52-week high of Rs 68.25. The stock was quoting at Rs 67.20, up Rs 4.70, or 7.52%.

Riding on large volumes: ISMT touched an intraday high of Rs 35.90 and an intraday low of Rs 31.20. The stock was quoting at Rs 34.50, up Rs 3.10, or 9.87%.

Touching a new high: UltraTech Cement touched a 52-week high of Rs 827. The stock was quoting at Rs 827, up Rs 36.25, or 4.58%.

Top gainer: TCS is top gainer on the Sensex. It touched an intraday high of Rs 520 and an intraday low of Rs 496.05. The share was quoting at Rs 518.40, up Rs 18.60, or 3.72%.

Buy Corporation Bank, says Sharekhan in its report on CNBC-TV18

Mundra Port & Special Economic Zone Limited has posted a net profit of Rs 1707.551 million for the quarter ended June 30, 2009 as compared to Rs 968.030 million for the quarter ended June 30, 2008. Total income has increased from Rs 2709.880 million for the quarter ended June 30, 2008 to Rs 3213.557 million for the quarter ended June 30, 2009. Reacting positively to the numbers, the Mundra Port stock has shot up to Rs 562, gaining nearly 3%.

Buy Cipla for the target of Rs 286, says KRChoksey in its report on CNBC-TV18

South Indian Bank for the target of Rs 135, says Angel Broking in its report on CNBC-TV18

Hold Tech Mahindra for the target of Rs 868, says Reliance Money report on CNBC-TV18

SBI's net profit rose to Rs 2,330 crore for the quarter ended 30 June 2009. The bank has posted a net profit of Rs 1640 crore in the corresponding quarter last fiscal. The stock has ralled sharply following the release of results and is up by 3% at Rs 1706 at present.

Patni hits 52-week high: The stock touched a 52-week high of Rs 305. The stock was quoting at Rs 304.50, up Rs 13.30

Some reasonably good quarterly results have also contributed to the positive mood now.

Riding on order numbers: J Kumar Infra has touched an intraday high of Rs 120 and an intraday low of Rs 114. The stock was quoting at Rs 120, up Rs 3.10, or 2.65%.

HPCL moves up smartly: The stock has touched an intraday high of Rs 347.80 and an intraday low of Rs 336.90. The stock was quoting at Rs 345.65, up Rs 13.65, or 4.11%.

Top gainer: BPCL was top gainer on the Nifty. It touched an intraday high of Rs 485.25 and an intraday low of Rs 472. The stock was quoting at Rs 484.05, up Rs 15.15, or 3.23%.

Indian Oil Corporation Limited has posted a net profit of Rs 36828.30 million for the quarter ended June 30, 2009 where as the same was at Rs 4151.30 million for the quarter ended June 30, 2008. However, the figures are not comparable as figures for the quarter ended June 2008 do not include the figures of Bongaigaon Refinery and Petrochemicals Ltd (BRPL), which was merged with IndianOil on March 25, 2009. The Indian Oil stock is up by over 3% at Rs 551 now.

Corporation Bank reported a 41.75 per cent increase in net profit in the first quarter of the current fiscal at Rs 261.25 crore (Rs 184.30 crore). The treasury income for the quarter under review stood at Rs 185 crore (Rs 5 crore).

Smart gains: Welspun Gujarat has touched an intraday high of Rs 234.10 and an intraday low of Rs 224.50. The stock was quoting at Rs 234.10, up Rs 9.05, or 4.02%.

Godrej Industries reported a 97 per cent drop in the standalone net profit to Rs 58 lakh in the first quarter of this financial year against Rs 17 crore recorded in the same period last year. Sales fell 19 per cent to Rs 203 crore (Rs 252 crore).

One can go in for IRB Infrastructure with a long term view. The stock, currently traded at Rs 184, could give fairly decent returns even over a short run. Intra-day traders with a great appetite for risk can try this stock if it rises to Rs 186 and trades firm for a while.

Nifty has strong support at 4410, says Nirmal Bang's report on CNBC-TV18

IT major Oracle Financial Services Limited has reported a sharp rise in earnings. The company has posted a net profit of Rs 1522.20 million for the quarter ended June 30, 2009 as compared to Rs 921.80 million for the quarter ended June 30, 2008. Total income has increased from Rs 4628.00 million for the quarter ended June 30, 2008 to Rs 5456.20 million for the quarter ended June 30, 2009. The stock has spurted 3.65% to Rs 1452 following the announcement of results.

Hindustan Petroleum Corporation has turned the corner in the first quarter of this fiscal by posting a net profit of Rs 649.12 crore, compared with a loss of Rs 888.12 crore in the same period last year.

Sensex has support at 15145/15056, says Hem Securities' report on CNBC-TV18

Punjab National Bank has reported a 62 per cent increase in net profit for the quarter ended June 30, at Rs 832.05 crore (Rs 512.40 crore). A sharp increase in treasury income coupled with robust credit growth helped the bank’s bottomline growth.

Rico Auto touched an intraday high of Rs 31.70 and an intraday low of Rs 27.60. The share was quoting at Rs 28, down Rs 2.25, or 7.44%.

It was trading with volumes of 829,694 shares. Yesterday the share closed up 10% or Rs 2.75 at Rs 30.25.

Power Grid Corporation (Rs 120) is a good one for medium to long term.

One long in the stock can stay invested with a stop loss at Rs 100 - 105 levels for now.

Tata Steel has reported a 47 per cent drop in standalone net profit at Rs 790 crore in the first quarter ended June 30, 2009, against Rs 1,488 crore logged in the same period last year mainly due to the sharp spike in imported coal cost.

Asian stock markets fell on Thursday, with Chinese shares leading the decline amid concerns the recent rally was overdone. Shanghai's benchmark lost 1.2 percent to 3,228.75, while Hong Kong's Hang Seng dropped 71.69, or 0.4 percent, to 20,063.81. In Japan, the Nikkei 225 stock average shed 10.75, or 0.1 percent, to 10,102.49. Markets in South Korea, Taiwan and Singapore were down about 1 percent or less.

Buy Bank of India for the target of Rs 350. The stock has upside potential of 10%

Hindustan Petroleum Corporation, HPCL touched an intraday high of Rs 347.80 and an intraday low of Rs 336.90. The share was quoting at Rs 345.65, up Rs 13.65, or 4.11%.

It was trading with volumes of 161,838 shares. Yesterday the share closed up 0.85% or Rs 2.80 at Rs 332.

Biocon Ltd: Sell below 212.20 with a stop loss of 214, ICICI Direct

GE Shipping has slipped by around 2.2% to Rs 246.25 after edging up marginally earlier this morning.

The company has informed that it has entered into an agreement with the Shipyard to cancel one of the new building Kamsarmax bulk carriers scheduled for delivery in Q1 FY 2012.

With the said cancellation, the company's order book stands reduced to 7 vessels - 2 Supramax bulk carriers, 3 Kamsarmax bulk carriers, and 2 Suezmax tankers, now.

ABB: Sell below 705 with a stop loss of 710, ICICI Direct

Power Grid Corporation: Buy above 116 for the target of 118.50 / 120 / higher with a stop loss of 115 , ICICI Direct

Hero Honda has pared its gains after trading firm for a while. After a near 3% surge, the stock is up just modestly at present.

The firm's net profit zoomed over 83% to Rs 500.11 crore in the quarter ended June 2009 from a net profit of Rs 272.87 crore it had posted in the corresponding quarter last year. Sales rose by around 34% to Rs 3811.05 crore in the quarter ended June 2009 as against Rs 2843.53 crore during the quarter ended June 2008.

One holding the stock can stay invested. Short term traders can book some profits at rallies and re-enter later at dips.

Bank of Baroda: Buy above 423.20 for the target of 429 / 433 / higher with a stop loss of 420

Nifty Futures: Buy above 4495 for the targets of 4525 / 4555 / higher with a stop loss of 4493

Buy Fortis Healthcare for the target of Rs 115. The stock has upside potential of 13%

Realty firm Ackruti City Limited has posted a net profit of Rs 72 million for the quarter ended June 30, 2009 as compared to Rs 1714.10 million for the quarter ended June 30, 2008.

Total income of the firm has decreased from Rs 2410.10 million for the quarter ended June 30, 2008 to Rs 461.90 million for the quarter ended June 30, 2009.

The stock is currently trading at Rs 585, up 2.75%. It is advisable to defer any plans of taking fresh exposure at the counter.

10:11 AM: Buy Gujarat Gas for the target of Rs 371. The stock has upside potential of 15%

The market is off to a cautious start this morning amid none too strong global cues.

Buy Gateway Distriparks for the target of Rs 109. The stock has upside potential of 18%

Stocks to watch : Sesa Goa, after India's top private-sector iron ore exporter posted a fall in its net profit by a third to Rs 422 crore in the June quarter.

Power Grid Corp of India after the state-run central transmission utility showed a 79 per cent jump in its April-June net profit to Rs 547 crore.

Provogue India Ltd after it said its board will meet on Aug. 14 to consider a buyback of shares.

Quarterly Results: DLF Ltd, Mahindra and Mahindra Ltd, State Bank of India, Tata Chemicals Ltd, Indian Oil Corp Ltd.

ICICI Bank: Technically this stock can slip anytime if unable to hold 740

Rupee opened at Rs 48.56 per dollar versus Rs 48.41 yesterday.

Reliance Industries: One can again go short with suitable stop loss and expect this stock to hit below 1850 marks

L&T: Trade short with stop loss just above 1480

Nifty can go to test 4400 to 4350 marks

Brokerage recommendations 30 July 2009

Brokerage recommendations 30 July 2009

Buy RPL with target of Rs 129, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 114, he adds. The stock last traded at Rs 118.50, down 1% on the BSE.

Hold DLF with stop loss of Rs 350, says PK Agarwal of Purpleline Investment on Zee Business. The stock last traded at Rs 402.10, up 1% on the BSE.

Buy Federal Bank with target of Rs 252, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 227, he adds. The stock last traded at Rs 238, down 0.3% on the BSE.

Buy PFC with target of Rs 270, says Nishant Jain of Tradeswift on CNBC Awaaz. Keep stop loss of Rs 210, he adds. The stock last traded at Rs 234.95, up 2% on the BSE.

Hold on to longs with target of 4640 and stop loss of 4520, says Rahul Mohinder, technical analyst, on CNBC TV18, as market closing strategy.

Buy Nalco at Rs 295 with target of Rs 315, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 285, he adds. The stock is currently trading at Rs 292, down 2.2% on the BSE.

Buy Welspun Gujarat with target of Rs 320, says Salil Sharma, technical analyst, on CNBC TV18. It has resistance at Rs 240, he adds. The stock is currently trading at Rs 229.50, up 2% on the BSE.

Buy PTC India at Rs 87.50 with target of Rs 96.50, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 84.50, he adds. The stock is currently trading at Rs 88, down 0.3% on the BSE.

Buy ICICI Bank with target of Rs 770, says Nishant Jain of Tradeswift on CNBC Awaaz. Keep stop loss of Rs 720, he adds. The stock is currently trading at Rs 751.50, up 2.6% on the BSE.

Buy Tata Communications at Rs 498 with target of Rs 538, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 478, he adds. The stock is currently trading at Rs 505, up 2.9% on the BSE. » Send to friends

Buy Alstom Projects with target of Rs 650, says Salil Sharma, technical analyst, on CNBC TV18. It has resistance at Rs 535, he adds. The stock is currently trading at Rs 521.50, up 0.5% on the BSE.

F&O Call: Buy Nifty with target of 4610 and stop loss of 4490, says Sandeep Wagle, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with target of 4630 and stop loss of 4470, says Akshita Deshmukh, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with target of 4700 and stop loss of 4380, says Anuj Dikshit, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with target of 4650 and stop loss of 4480, says Ashwani Gujral, technical analyst, on CNBC Awaaz.

Buy Mahindra & Mahindra only at Rs 800 with target of Rs 900-1000, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 750, he adds. The stock is currently trading at Rs 852.85, up 1.3% on the BSE.

Buy Tata Communications with target of Rs 550, says Nishant Jain of Tradeswift on CNBC Awaaz. Keep stop loss of Rs 475, he adds. The stock is currently trading at Rs 505.15, up 2.9% on the BSE.

Exit from Ranbaxy which has stiff resistance at Rs 300, says PK Agarwal of Purpleline Investment on Zee Business. There's not much positive news in this stock, he adds. The stock is currently trading at Rs 270.60, down 0.4% on the BSE.

Buy Neyveli Lignite with targets of Rs 170 and then 185 in 1-2 months, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 120, he adds. The stock is currently trading at Rs 132.25, up 1.8% on the BSE.

Hold Indiabulls Real Estate but for long term, says Rajesh Tambe of Sunchan Securities on Zee Business. It will give good gains but only if one gives it some time, he adds. The stock is currently trading at Rs 248.90, up 0.9% on the BSE.

Hold Adlabs Films with target of Rs 450, says PK Agarwal of Purpleline Investment on Zee Business. It has support at Rs 305-310, he adds. The stock is currently trading at Rs 347, down 2.9% on the BSE. » Send to friends

Buy SBI with targets of Rs 1760 and then 1850, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 1620, he adds. The stock is currently trading at Rs 1702.05, up 2.8% on the BSE.

Hold Zee Entertainment with target of Rs 200 plus, says MB Singh, technical analyst, on Zee Business. Keep stop loss below Rs 150, he adds. The stock is currently trading at Rs 174.70, down 0.1% on the BSE.

Buy Hero Honda on dips with targets of Rs 2000 and then 2500, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 1400 or 1500, he adds. The stock is currently trading at Rs 1632.90, down 0.4% on the BSE.

Buy Hero Honda on dips, says Ashish Kapur of Invest Shoppe on NDTV Profit. It is a stock one must have in their portfolio, he adds. The stock is currently trading at Rs 1633, down 0.4% on the BSE.

Hold Aban Offshore with targets of Rs 1204 and then 1400, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 1003.90, down 1.2% on the BSE.

Buy SCI with target of Rs 175-180 in 1-2 months, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 120, he adds. The stock is currently trading at Rs 130.85, up 0.6% on the BSE. » Send to friends

Buy SBI at around Rs 1600 for gains of 25-30% in 6 months, says DD Sharma of Anand Rathi Securities on CNBC Awaaz. Fundamentally, it is a strong stock, he adds. The stock is currently trading at Rs 1702, up 2.8% on the BSE.

Hold Union Bank of India with target of Rs 250-260, says PK Agarwal of Purpleline Investment on Zee Business. Keep stop loss of Rs 205-210, he adds. The stock is currently trading at Rs 229.30, up 1.3% on the BSE.

SBI has announced its Q1 results with net profit at Rs 2330 crore versus Rs 1640 crore (YOY), reports CNBC TV18. NII is at Rs 5026 crore versus RS 4818 crore (YOY), it adds. The stock is currently trading at Rs 1696, up 2.4% on the BSE.

Hold Bharti Airtel and exit when it goes to Rs 435, says MB Singh, technical analyst, on Zee Business. Buy again if it breaks Rs 500 or comes to Rs 380, he adds. The stock is currently trading at Rs 420.70, down 0.6% on the BSE.

Buy Balrampur Chini on dips with targets of Rs 130 and then 150, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 118.35, up 0.5% on the BSE.

Hold DLF with targets of Rs 550 and then 730, says Prasad Kushe, technical analyst, on NDTV Profit. Keep trailing stop loss of Rs 340, he adds. The stock is currently trading at Rs 403.50, up 1.4% on the BSE.

Hold Power Grid with stop loss of Rs 105, says PK Agarwal of Purpleline Investment on Zee Business. It is a good stock to be invested in, he adds. The stock is currently trading at Rs 119.25, up 1.8% on the BSE.

The inflation figure for week ended July 18 has been announced at -1.54% versus the earlier figure of -1.17% for week ended July 11, reports NDTV Profit.

Hold DLF with targets of Rs 434 and then 520, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 350, he adds. The stock is currently trading at Rs 403.05, up 1.3% on the BSE.

Buy DLF at Rs 370-380 with target of Rs 460, says Mitesh Thacker, technical analyst, on CNBC TV18. It has resistance at Rs 425-430, he adds. The stock is currently trading at Rs 403.20, up 1.3% on the BSE.

Go short on Kotak Mahindra Bank which may see a downside of 8-10%, says a market expert, on CNBC Awaaz. The stock is currently trading at Rs 627.40, up 0.6% on the BSE.

Buy Rolta India with target of Rs 161-176, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 136, he adds. The stock is currently trading at Rs 151.30, up 2.1% on the BSE.

Hold Grasim with target of Rs 3000, says PK Agarwal of Purpleline Investment on Zee Business. It has support at Rs 2400, he adds. The stock is currently trading at Rs 2728, up 0.2% on the BSE.

Buy REC for both short-term trading and long-term investor, says Deepak Mohoni, technical analyst, on CNBC TV18. The stock is currently trading at Rs 193, up 2.9% on the BSE.

Hold Satyam with stop loss of Rs 85, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 102.90, up 1.4% on the BSE.

Buy Rolta India with target of Rs 155, says a market expert, on CNBC Awaaz. Keep stop loss of Rs 2-3 below the buying price, he adds. The stock is currently trading at Rs 152.40, up 2.8% on the BSE.

Hold Punj Lloyd which is a good stock, says MB Singh, technical analyst, on Zee Business. Keep stop loss below Rs 230, he adds. The stock is currently trading at Rs 238.60, down 1.7% on the BSE.

Buy Balrampur Chini with target of Rs 140, says Sudarshan Sukhani, technical analyst, on CNBC TV18. He thinks there is more headroom in this stock assuming that the markets remain stable. The stock is currently trading at Rs 116, down 1.5% on the BSE.

Buy DLF with target of Rs 450, says Rahul Mohinder, technical analyst, on CNBC TV18. Keep stop loss of Rs 392, he adds. The stock is currently trading at Rs 392.40, down 1.4% on the BSE.

Buy Bajaj Hindustan with target of Rs 220, says Rahul Mohinder, technical analyst, on CNBC TV18. The stock is currently trading at Rs 191, down 2% on the BSE.

Sell slightly Out of the Money RIL Calls, says TS Harihar of Karvy Stock Broking on CNBC TV18. The upside is capped, he adds. The stock is currently trading at Rs 1910.80, down 0.8% on the BSE.

Sell Cairn India at Rs 234 with intra-day target of Rs 228, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 239, she adds. The stock last traded at Rs 234.05, down 2.6% on the BSE.

Nifty has a short-term resistance of 4530-4560, says Rahul Mohinder, technical analyst, on CNBC TV18, in a market opening call. He believes that it could test 4650.

Buy Aban Offshore at Rs 1015 with intra-day target of Rs 1055, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 990, she adds. The stock last traded at Rs 1015.90, up 5.2% on the BSE.

If Nifty goes above 4550 it could retest 4600-4620, says Ashwani Gujral, technical analyst, on CNBC TV18, in a market opening call.

Go long in the Nifty for the short term with stop loss of 4475, says Deepak Mohoni, technical analyst, on CNBC TV18, in a market opening call.

BSE / NSE Indian Share Market Report 29 July 2009

BSE / NSE Indian Share Market Report

A sell-off in Chinese stocks triggered a slide in stocks across emerging markets. Indian equities were no exception. Nevertheless, the BSE Sesnex regained the psychological 15,000 mark soon after falling below that level in early afternoon trade. The BSE 30-share Sensex lost 158.48 points or 1.03%, off 205.97 points from the day's high, and up 285.05 points from the day's low.

Realty, metal, and banking shares led the decline on the domestic bourses. Index heavyweight Reliance Industries recovered from intra-day low to rise over 0.5%. In stock-specific activity, Sun Pharma, Tata Steel and Sterlite Industries slumped after Q1 June 2009 results. However TCS jumped nearly 4%

As per the provisional figures on NSE, foreign institutional investors (FIIs) sold shares worth Rs 168.79 crore on Wednesday, 29 July 2009 whereas domestic institutional investors bought shares worth Rs 126.23 crore.

The market was volatile. Equities slipped in early trade on lower Asian stocks. It has soon regained positive zone with auto shares leading the recovery. A sell-off in Chinese stocks pulled Indian stocks sharply down in early afternoon trade. The market cut losses in afternoon trade on gains in European shares.

The market may remain volatile ahead of expiry of July 2009 futures and options (F&O) contract on Thursday, 30 July 2009. As per reports, rollovers of Nifty positions from July 2009 series to August 2009 series stood at 42%, as on Tuesday, 28 July 2009. Rollover in Mini Nifty was about 35%

The Q1 June 2009 results announced so far have encouraging, with lower costs helping bottomline growth. The combined net profit of 1112 companies rose 22.5% to Rs 54375 crore on 2.3% fall in sales to Rs 474743 crore in Q1 June 2009 over Q1 June 2008.

At a quarterly review of the monetary policy, the Reserve Bank of India (RBI) on Tuesday, 28 July 2009, kept the key rates unchanged and increased the inflation forecast to 5% by end March 2010 from earlier 4%. The GDP is expected to grow at 6% in FY 2010, with an upward bias, the central bank said. At the time of the annual monetary policy announcement in April 2009, the central bank had forecast a 6% growth. So, the words 'with an upward bias' were the addition to that forecast.

The Finance Minister after trading hours on Monday, 28 July 2009 announced tax breaks for industrial park schemes and developers of real estate and road projects to stimulate the economy and lift growth to 8-9 percent by the end of 2010. He announced a 1% subsidy on home loans up to Rs 10 lakh, when the overall cost of the house does not exceed Rs 20 lakh. This could benefit realty firms and housing finance companies.

In another measure that that could provide a boost to the realty sector the government has allowed developers of housing projects a tax holiday under section 80 IB(10) of the Income Tax Act on profits from projects approved between 1 April 2007 and 31 March 2008. The benefit is subject to a condition that the projects are completed on or before 31 March 2012.

The government has also extended tax holiday to developers of industrial parks by two years until March 2011. A tax holiday for firms engaged in food processing has also been extended. Producers of natural gas from coal-bed methane blocks would also be extended tax breaks.

Annual monsoon rains, running between June to September, are seeing a revival after a sluggish start. India's monsoon rains were 15% above normal in the week to 22 July 2009, the second consecutive week of above-average rainfall after an exceptionally dry patch at the start of the season. Total cumulative monsoon, which runs from June to September, was 19% below average, improving from a 27% deficit in the previous week, the India Meteorological Department said on Thursday, 23 July 2009.

More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.

Finance Minister Pranab Mukherjee today said the government hopes to maintain the present level of economic growth despite a global slump. Certain signs of improvement are visible, Mukherjee said.

Meanwhile, investor focus may shift from secondary market to the primary market as Adani Power's initial public offer of 30.16 crore shares in the price band Rs 90-100 opened for subscription from Tuesday, 28 July 2009. The issue received strong response from investors and was subscribed around 4.64 times by 17:00 IST today, 29 July 2009. Adani said institutions including T. Rowe Price International Inc. demanded twice as many shares as offered in the so-called anchor investor portion of its initial sale.

The company will raise up to Rs 3,016 crore at the upper end of the price band, making it the second-biggest issue after Reliance Power.

Close on the heels of Adani Power, state-run power company NHPC will hit the primary market to raise upto Rs 6048 crore through sale of shares in a price-band of Rs 30-36 in an IPO. The issue will open on 7 August 2009 and close on 11 August 2009. The company would sell 168 crore shares comprising of 5% stake divestment of the government and infusion of 10% fresh equity.

Besides, Oil India and Pipavav Shipyard collectively plan to raise over Rs 2000 crore. Earlier, on 17 July 2009 the government said it is considering a part sale of its shareholding in the telecom monolith Bharat Sanchar Nigam (BSNL) to the public. Currently, the government fully owns BSNL.

European stocks rose today, 29 July 2009 led by financial stocks. Key benchmark indices in UK, Germany and France were up by between 1.06% and 1.99%.

Earlier in the day, Chinese stocks in Shanghai fell sharply as investors rushed to take profits, also sending Hong Kong-traded shares of mainland Chinese companies lower. In extremely volatile moves, the Shanghai Composite plunged as much as 7.7% in afternoon trading, before recovering to settled 5% lower at 3,266.43, giving up most of the gains made over the last five sessions. Hong Kong's Hang Seng was down 2.37%.

China's stocks plunged amid speculation the central bank is poised to order lenders to set aside larger reserves. Chinese policy makers in recent weeks have flagged inflationary worries and possible asset bubbles since lending exploded. New yuan loans in the first half of the year totaled 7.4 trillion yuan ($1.08 trillion), equivalent to about half of the country's gross domestic product in the period. The loan growth has spurred calls by economists for the central bank to fine-tune its policies.

Still, the People's Bank of China has signaled no reversal of its moderately loose monetary-policy stance, which is aimed at spurring growth in the world's third-biggest economy.

The Shanghai Composite has gained 79% this year as government stimulus spending, record bank lending and an economic rebound spurred demand for equities.

In other Asian markets, key benchmark indices in Taiwan, South Korea, Singapore, were down by between 0.11% and 0.83%. However Japan's Nikkei 225 index rose 0.26%.

Trading in US index futures showed the Dow could fall 25 points at the opening bell on Wednesday, 29 July 2009.

US stocks ended on a mixed note on Tuesday, 29 July 2009 after weak consumer confidence data offset gains on account of positive earnings. The Dow Jones Industrial Average shed 11.79 points, or 0.13%, to 9,096.72. The Standard & Poor's 500 Index dropped 2.56 points, or 0.26%, to 979.62. But the Nasdaq Composite Index gained 7.62 points, or 0.39%, to 1,975.51.

A report showed that US consumer confidence in July 2009 fell to 46.6, registering a second straight drop.

The BSE 30-share Sensex lost 158.48 points or 1.03% to 15,173.46. The Sensex opened 38.75 points lower at 15,293.19. The Sensex lost 443.53 points at the day's low of 14,888.41 in early afternoon trade. The Sensex rose 47.49 points at the day's high of 15,379.43 in mid-morning trade

The S&P CNX Nifty was down 50.60 points or 1.11% to 4,513.50. Nifty July 2009 futures were at 4496.20, at a discount of 17.30 points as compared to the spot closing.

The Sensex is up 5526.15 points or 57.28% in calendar year 2009 as on 29 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 7013.06 points or 85.94% as on 29 July 2009.

Coming back to today's trade, turnover in NSE's futures & options (F&O) segment galloped to Rs 1,16,508.34 crore from Rs 76,854.19 crore on Tuesday, 28 July 2009. The BSE clocked a turnover of Rs 7509 crore, higher than Rs 7051 crore on Tuesday, 28 July 2009

The market breadth, indicating the overall health of the market, was weak after a positive start. On BSE, 1575 shares declined as compared with 1095 that advanced. 76 shares remained unchanged.

The BSE Mid-Cap index lost 0.98% to 5,477.09, outperforming the Sensex. The BSE Small-Cap index slipped 1.46% to 6,154.75, underperforming the Sensex.

Most sectoral indices on BSE ended lower. The BSE Realty index (down 4.36%), BSE Capital Goods index (down 1.75%), the BSE Power index (down 1.24%), the BSE Metal index (down 2.31%), BSE PSU index (down 1.22%), BSE Healthcare index (down 1.72%), BSE FMCG index (down 2.03%), BSE Consumer Durables index (down 3.13%), the BSE Bankex (down 1.21%), underperformed the Sensex.

The BSE TECk index (down 0.33%), BSE Auto index (down 0.49%), the BSE IT index (up 0.33%), the BSE Oil & Gas index (up 0.32%), outperformed the Sensex.

Among the 30-member Sensex pack, 23 declined while the rest gained.

Rate sensitive realty shares dropped on profit taking after a recent rally. Investors are concerned that the central bank may start reversing its interest-rate cuts in early 2010 as food and energy prices fan inflation. Rising interest rates may dent property demand as most of the commercial and housing deals are driven by finance.

India's largest real estate developer by sales DLF plunged 6.83% to Rs 397 and was the top loser from the Sensex pack

Unitech (down 5.54%), Housing Development & Infrastructure (down 7.52%), Parsvnath Developers (down 6.11%), Sobha Developers (down 1.11%), and Omaxe (down 6.98%), declined

India's largest pharma company by market capitalisation Sun Pharma tumbled 5.38% after net profit declined 56.72% to Rs 121.51 crore in Q1 June 2009 over Q1 June 2008.

India's third largest pharma company by sales Cipla lost 3.22%. The company's net profit rose 72.6% to Rs 241.71 crore on 13.2% rise in net sales to Rs 1,325 crore in Q1 June 2009 over Q1 June 2008. The company declared its results during market hours today, 29 July 2009.

Alembic spurted 3.79% after the company posted consolidated net profit of Rs 12.25 crore in Q1 June 2009 as against net loss of Rs 4.70 crore in Q1 June 2008. The company declared its results after market hours on Tuesday, 28 July 2009.

Metal stocks slipped after LMEX, a gauge of six metals traded on the London Metal Exchange, declined 1.23% on Tuesday, 28 July 2009.

India's largest private sector steel maker by sales Tata Steel lost 6.09% after net profit fell 47% to Rs 789.83 crore on a 8.16% decline in total income to Rs 5661.89 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours today, 29 July 2009.

India's largest copper market by sales Sterlite Industries shed 5.70% after net profit fell 42% to Rs 6.73 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours today, 29 July 2009.

Steel Authority of India (down 4.32%), Sesa Goa (down 3.04%), Ispat Industries (down 5.82%), Nalco (down 2.23%), and Hindustan Zinc (down 2.74%), declined.

JSL jumped 4.67% after net profit surged 233.4% to Rs 94.76 crore on 13.3% fall in net sales to Rs 1346.49 crore in Q1 June 2009 over Q1 June 2008. The company declared its results after market hours on Tuesday, 28 July 2009.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.52% to Rs 1920.10, staging a smart pullback from day's low of Rs 1872.50

Reliance Natural Resources (RNRL) chairman Anil Ambani on Tuesday, 28 July 2009 accused the Petroleum Ministry of being biased in the legal dispute with brother Mukesh Ambani-led Reliance Industries (RIL) over the price of natural gas from the Krishna-Godavari basin. Addressing shareholders of the company, he also said the government would not lose a single rupee even if the gas from RIL's fields off the Andhra Pradesh coast were to be supplied to his company at the originally contracted price of $2.34 per unit.

Addressing shareholders at the RNRL's Annual General Meeting, Anil Ambani asked the Oil Ministry to cancel the Production Sharing Contract with RIL if it was really aggrieved and not challenge third party agreements. Giving details of the global gas scenario, he said the price of the industrial fuel had crashed 80% and the gas price of $4.2 per mmBtu (fixed by the Government) was "exorbitant" and against public interest.

Last month, the Bombay High Court had asked Reliance Industries to supply 28 million units of gas to Reliance Natural Resources for 17 years at $2.34 per unit, after assigning 12 million units to the state-run power utility NTPC. Reliance Industries challenged the verdict in the Supreme Court, which heard the case on 20 July 2009 and fixed 1 September 2009 as the next date of hearing. It also asked all the parties to file their replies on the government position on the matter by then.

Oil exploration pivotals slipped on fall in crude oil prices. ONGC (down 0.75%), and Cairn India (down 2.68%), slipped. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

But the fall in crude prices lifted shares of PSU OMCs. BPCL (up 0.67%), HPCL (up 0.69%) and Indian Oil Corporation (up 1.28%) gained. Lower crude oil prices will reduce underrecoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.

HPCL reported a net profit of Rs 649.12 crore in Q1 June 2009 as compared with a net loss of Rs 888.12 crore in the Q1 June 2008. The results were declared during market hours today, 29 July 2009.

Light sweet crude for September delivery fell $1.15 to settle at $67.23 a barrel on the New York Mercantile Exchange on Tuesday, 28 July 2009.

Gujarat Gas Company jumped 13.31% after the company's board declared a liberal 1:1 bonus issue at the time of announcing Q2 June 2009 results after trading hours on Tuesday, 28 July 2009. This is a maiden bonus from Gujarat Gas Company.

Everest Kanto Cylinders tumbled 4.70% after net profit fell 18.2% to Rs 10.26 crore on a 28.3% decline in sales to Rs 65.44 crore in Q1 June 2009 over Q1 June 2008. The result was announced after market hours yesterday, 28 July 2009.

Great Offshore rose 4.85% to Rs 458.25 after 16.65 lakh shares, or 4.48% equity, changed hands in two block deals on the BSE and the NSE. The counter saw a block deal of 14.40 lakh shares on the Bombay Stock Exchange, at Rs 450 per share. Another deal of 2.24 lakh shares was executed on the National Stock Exchange at the same price.

India's largest software firm by sales TCS gained 3.89% to Rs 498.40 on reports the company will re-bid for the UGC order once fresh bids are called. The University Grants Commission (UGC) has reportedly cancelled a Rs 250 crore e-governance project it had awarded TCS in March 2009, due to funding and internal conflicts in UGC. It was the top gainer from the Sensex pack

Select auto stocks regained positive zone in choppy trade. India's largest tractor maker by sales Mahindra & Mahindra gained 2.21% to Rs 841, off day's low of Rs 806.85 ahead of its Q1 June 2009 earnings on 30 July 2009.

India's top small car maker by sales Maruti Suzuki India rose 0.12% to Rs 1390.50 after declining to day's low of Rs 1364. The stock struck a record high of Rs 1418 on the BSE in intra-day trade today, 29 July 2009. The stock has been on a roll ever since it announced strong Q1 June 2009 results during market hours on 23 July 2009.

But India's largest truck market by sales Tata Motors slumped 5.46% to Rs 391.60, off day's high of Rs 412 on profit booking. The had stock surged 10.76 on Tuesday, 28 July 2009 after reporting 57.54% rise in net profit to Rs 513.76 crore on a 7.17% decline in total income to Rs 6723.99 crore in Q1 June 2009 over Q1 June 2008. Analysts had expected a steep fall in net profit due to lower sales volume. The result was announced at the fag end of the trading sessions on Monday, 27 July 2009.

India's largest bike maker by sales Hero Honda Motors slipped 2.02%. The company posted 83% jump in net profit to Rs 500 crore on 34% rise in total revenue to Rs 3865 crore in Q1 June 2009 over Q1 June 2008. The company announced Q1 June 2009 results after market hours today, 29 July 2009.

Bank stocks slipped after the Reserve Bank of India's (RBI) in its quarterly monetary policy review on Tuesday, 28 July 2009, raised inflation forecast which may result in reversal of the current soft interest rate regime. India's largest private sector bank by net profit ICICI Bank was down 1.17% mirroring a 3.25% fall in its American depository receipt (ADR) on Tuesday, 28 July 2009.

India's biggest bank in terms of branch network State Bank of India (SBI) fell 1.87%. The bank's chairman on Tuesday, 28 July 2009 said that credit growth is expected to pick up in second half of the year. The state-run bank reduced interest rates on deposits by 25-50 basis points (a basis point equals one-hundredth of a percentage point) with effect from Monday, 27 July 2009.

India's second largest private sector bank in terms of operating income HDFC Bank declined 0.64% after a 1.61% fall in its American depository receipt (ADR) on Tuesday, 28 July 2009.

Punjab National Bank rose 2.97% after net profit surged 62.38% to Rs 832.05 crore on 34.45% rise in total income to Rs 6,177.58 crore in Q1 June 2009 over Q1 June 2008. The bank declared its results during trading hours today, 29 July 2009.

India's largest FMCG company by sales Hindustan Unilever declined 3.10% on selling pressure. The stock had tanked 7.68% on Tuesday, 28 July 2009 after reporting a 2.68% fall in net profit to Rs 543.19 crore on a 5.06% increase in total income to Rs 4536.17 crore in Q1 June 2009 over Q1 June 2008. The results were declared in late trade on Tuesday, 28 July 2009.

Power generation stocks slipped on profit booking after a strong response to the Adani Power initial public offer which opened for subscription on Tuesday, 28 July 2009. Reliance Infrastructure (down 3.96%), NTPC (down 1.96%), Reliance Power (down 2.84%), declined. However, India's second largest private sector power generation firm by sales Tata Power rose 2.96% to Rs 1303.10, off day's low of Rs 1187

Rural Electrification Corporation rose 5.48% after net profit rose 73.1% 471.82 crore on 47.2% rise in net sales to Rs 1,449.35 crore in Q1 June 2009 over Q1 June 2008. The company declared its results after market hours on Tuesday, 28 July 2009.

Fertiliser shares declined on fears the ongoing tussle between the Ambani brothers might impact the smooth flow of gas from the Krishna Godawari basin which was earlier allocated to fertiliser firms on a priority basis.

Rashtriya Chemicals and Fertilizers (down 5.14%), Nagarjuna Fertilizers & Chemicals (down 3.16%), Chambal Fertilizers & Chemicals (down 1.96%), Deepak Fertilisers and Petrochemicals Corporation (down 2.59%), and Tata Chemicals (down 0.35%), declined.

Tata Steel topped the turnover chart on BSE with a turnover of Rs 300.14 crore, followed by Unitech (Rs 272.69 crore), Reliance Industries (Rs 258.54 crore), Aban Offshore (Rs 251.94 crore) and Jindal Steel & Power (Rs 251.94 crore)

Unitech led the volume toppers on BSE clocking volume of followed by Suzlon (2.98 crore shares), Cals Refineries (2.17 crore shares), Suzlon Energy (2.14 crore shares), Reliance Natural Resources (2.13 crore shares) and Ispat Industries (1.84 crore shares).

Gammon India jumped 10.76% to Rs 164.55. The stock had plunged as much as 12.44% in early trade to a day's low of Rs 130.10. The company has been served a show cause notice by the Delhi Metro Rail Corporation (DMRC), asking it to state why it should not be banned for two years and debarred for bidding contracts under phase IV of the project. This comes a little over a month after an accident at the site claimed six lives and prompted DMRC chief, E Sreedharan to submit his resignation. The probe panel has held Gammon India responsible for the mishap.

Birla Corporation spurted 2.55% after net profit rose 69.2% to Rs 155.34 crore on a 23.9% increase in sales to Rs 490.40 crore in Q1 June 2009 over Q1 June 2008. The result was announced after market hours on Tuesday, 28 July 2009

Kingfisher Airlines gained 2.42%. The company said it posted a net loss of Rs 1609 crore on net sales of Rs 5270 crore in the year ended March 2009. Year-ago figures were not immediately available. The results were announced today, 29 July 2009.

Brokerage Recommendations 29 July 2009

Brokerage Recommendations 29 July 2009 Hold BHEL if it breaks out of Rs 2290 then it is headed higher with a target price of Rs 2600, says Niting Murarka of SMC Global Securities on Zee Business. The stock's long-term chart is bullish, he says. It is currently trading at Rs 2225, down 1.65% on the BSE. Our market has outperformed its global peers and the earnings season has shown a positive surprise, says Amit Dalal of Amit Nalin Securities on CNBC TV18. But after the sharp run up, global markets are headed for a correction and we too shall move in line before heading higher, he feels. It's a tough time for the market so the best strategy is to wait and watch for now, says Sudarshan Sukhani, technical analyst, on CNBC TV18. If Nifty breaks above 4600 then the market will rally, if it breaks below 4500, the market is headed lower, he says. Looking at global cues, chances are we are headed for a correction, he adds. Buy Rolta with a target of Rs 158 and stop loss of Rs 141, says Tejas Nandy, technical analyst, on Zee Business, as closing market strategy. Buy Nifty with a target of 4620 and stop loss of 4480, says Ashwani Gujral, technical analyst, on CNBC TV18, as closing market strategy. Buy Mphasis July futures with a target of Rs 460 and then more, keep a stop loss of Rs 408, says Mitesh Thakkar, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 436, up 1.28% on the BSE. Hold Cairn India with target of Rs 265-275, says Ashu Kakkar, technical analyst, on NDTV Profit. Keep stop loss of Rs 210, he adds. The stock is currently trading at Rs 234, down 2.5% on the BSE. Buy Suzlon July futures with a target of Rs 114-120 and stop loss of Rs 95, says Mitesh Thakkar, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 101, down 4.8% on the BSE. Nifty has strong support at 4340 and till that is not broken the uptrend is intact, says Anil Maghnani, technical analyst, on Zee Business. Some stocks has run up and are now seeing profit booking, but this is a buy on dips market, he adds. In an F&O call, buy Nifty July futures with a target of 4650 and stop loss of 4480, says Rahul Mohindar, technical analyst, on CNBC Awaaz. If Nifty breaks 4530 then one can go long and that looks possible in the next 3 to 5 days, he says. In an F&O call, sell Nifty July futures with a target of 4440 and stop loss of 4585, says Prakash Gaba, technical analyst, on CNBC Awaaz. Nifty needs to close above 4500 or it will head to 4200 next week, he adds. In an F&O call, sell Nifty July futures with a target of 4350 and stop loss of 4575, says Hormuz Maloo, technical analyst, on CNBC Awaaz. The short-term trend is down and Nifty has strong support at 4350 at which level one can go long, he says. In an F&O call, buy Nifty July futures with a target of 4730 and stop loss of 4460, says Nitesh Chand, technical analyst, on CNBC Awaaz. If Nifty closes above 4500 then the market is likely to move up, he adds. Buy Unitech with a target of Rs 99-116 in two weeks, says Salil Kapoor, technical analyst, on Zee Business. The stock is currently trading at Rs 90, down 5.76% on the BSE. Hold Tata Steel which should do well in 6-12 months, says Paras Bothra of Ashika Stock Broking on NDTV Profit. The stock is currently trading at Rs 444, down 5.2% on the BSE. Hold Rolta with a target of Rs 145-160, says Salil Kapoor, technical analyst, on Zee Business. The stock is currently trading at Rs 141, down 0.07% on the BSE. In the real estate space, top picks to accumulate in the portfolio for the long term are DLF, Unitech, HDIL and Indiabulls Real Estate, says Gaurang Shah of Geojit BNP Paribas, on Zee Business. The market is still trading weak but seeing some recovery. Sensex is trading at 15133, down 198 points and Nifty is at 4503, down 62 points from the previous close. CNX Midcap index is down 1.34% and BSE Smallcap index is down 1.76%. The market breadth is negative with advances at 357 against declines of 880 on the BSE. Sell ICICI Bank as it looks weak and has a target of Rs 700, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 735, down 0.53% on the BSE. Hold Bombay Dyeing with a target of Rs 430-440 in two months, says Salil Kapoor, technical analyst, on Zee Business. The stock is currently trading at Rs 355, down 3.6% on the BSE. Buy Unitech with a target of Rs 100, says Prakash Gaba, technical analyst, on CNBC TV18. The stock is currently trading at Rs 90, down 6.01% on the BSE. Buy IFCI with a target of Rs 58 with a stop loss of Rs 49, says Rahul Mohindar technical analyst, on CNBC TV18. The stock is currently trading at Rs 50, down 3.55% on the BSE. Buy DLF with a target of Rs 460, says Prakash Gaba, technical analyst, on CNBC TV18. The stock is currently trading at Rs 396, down 6.99% on the BSE. Hold BPCL with target of Rs 500, says Rajat Bose, technical analyst, on CNBC Awaaz. It has support at Rs 454, he adds. The stock is currently trading at Rs 467.40, up 1% on the BSE. » Send to friends 12:54 PM - Hold Jaiprakash Associates with target of Rs 295, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 170, he adds. The stock is currently trading at Rs 233.50, down 3.2% on the BSE. Hold HUL with target of Rs 350-400 in 6-12 months, says Ashu Kakkar, technical analyst, on NDTV Profit. It has support at Rs 210, he adds. The stock is currently trading at Rs 270.40, down 2.4% on the BSE. Book profits in HDIL at around Rs 300, says Paras Bothra of Ashika Stock Broking on NDTV Profit. It is quite a volatile stock, he adds. The stock is currently trading at Rs 265.50, down 8% on the BSE. Buy Hero Honda on dips with long-term view, says Rajesh Agarwal of CD Equisearch on CNBC Awaaz. It is a good stock to be invested in, he adds. The stock is currently trading at Rs 1665.90, down 0.5% on the BSE. Hold Axis Bank with targets of Rs 980 and then 1000 plus, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 880, he adds. The stock is currently trading at Rs 897, down 6% on the BSE. Hold ICICI Bank with target of Rs 780, says Salil Sharma, technical analyst, on CNBC Awaaz. It has resistance at Rs 730, he adds. The stock is currently trading at Rs 726, down 1.9% on the BSE. Buy TTML at Rs 25 with target of Rs 40, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 34.80, down 4.4% on the BSE. Buy ACC with target of Rs 910, says Rajat Bose, technical analyst, on CNBC Awaaz. It has resistance at Rs 885-889, he adds. The stock is currently trading at Rs 840.25, down 3% on the BSE. Hold Unitech with target of Rs 103, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 82-85, he adds. The stock is currently trading at Rs 93, down 2.9% on the BSE. Buy Rolta India with target of Rs 175, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 130, he adds. The stock is currently trading at Rs 144.70, up 1.9% on the BSE. Buy McLeod Russel at Rs 140 with medium-term target of Rs 185 and then Rs 240 in one year, says Rajat Bose, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 139.15, up 0.5% on the BSE. Buy Sesa Goa with target of Rs 264-266 if it does not break Rs 239, says Anu Jain, technical analyst, on CNBC TV18. Keep strict stock loss of Rs 240, she adds. The stock is currently trading at Rs 240.85, down 1.9% on the BSE. Hold Unitech with target of Rs 104 and above, says MB Singh, technical analyst, on Zee Business. Keep stop loss below Rs 80, he adds. The stock is currently trading at Rs 94.55, down 1.3% on the BSE. Buy Bharti Airtel at Rs 370 with target of Rs 480, says Pradeep Surekha, technical analyst, on Zee Business. The stock is currently trading at Rs 431.70, up 1% on the BSE. Buy JK Lakshmi Cement with target of Rs 185-210, says Rajat Bose, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 133.55, up 1.6% on the BSE. Sell Emami with intra-day target of Rs 370, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 385, he adds. The stock is currently trading at Rs 380, down 0.5% on the BSE. Sell Matrix Lab with intra-day target of Rs 200, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 211, he adds. The stock is currently trading at Rs 208.50, down 0.1% on the BSE. Buy Balrampur Chini with intra-day target of Rs 115, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 108, he adds. The stock is currently trading at Rs 113.30, up 3% on the BSE. Buy Bombay Dyeing which on crossing Rs 374 will give intra-day gains of Rs 10-12, says Pradeep Surekha, technical analyst, on Zee Business. The stock is currently trading at Rs 366, down 0.6% on the BSE. Sell Tata Tea with intra-day target of Rs 775, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 811, he adds. The stock is currently trading at Rs 795.10, down 0.6% on the BSE. Buy Mangalore Chemical & Fertilisers with intra-day target of Rs 25, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 21, he adds. The stock is currently trading at Rs 22.40, up 2.8% on the BSE. Sell Punj Lloyd at Rs 240 with intra-day target of Rs 233, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 244, she adds. The stock last traded at Rs 239.75, down 1.5% on the BSE. Buy Tata Steel at Rs 471 with intra-day target of Rs 482, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 464, she adds. The stock last traded at Rs 468.95, up 2.5% on the BSE. Buy RCom at Rs 291 with intra-day target of Rs 298, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 285, she adds. The stock last traded at Rs 290.50, up 3% on the BSE.

BSE NSE Indian Share Market Reports 28 July 2009

BSE NSE Share Market Reports 28 July 2009

Key benchmark indices ended with modest losses after swinging wildly either ways during the course of the day. Volatility rose after the Reserve Bank of India raised inflation and GDP growth forecast while keeping key policy rates unchanged at their historical low level at a quarterly monetary policy review today, 28 July 2009. The BSE 30-share Sensex lost 43.10 points or 0.28%, off 131.52 points from the day's high but up 91.41 points from the day's low. European markets were slightly lower and most Asian stocks rose.

Poor Q1 results continued to weigh on the index heavyweight Reliance Industries for the second day in a row. Banking shares slipped. However power stocks advanced on strong response to Adani Power's initial public offer (IPO).

In stock specific activity, Tata Motors surged over 10% on better-than-expected Q1 results it announced during trading hours on Monday, 27 July 2009. Maruti Suzuki India struck a record high of Rs 1416.70. However Hindustan Unilever retraced sharply from 52-week high of Rs 306 after reporting fall in net profit in Q1 June 2009.

The Securities and Exchange Board of India (Sebi) on Monday, 27 July 2009 introduced some new norms for the comprehensive risk management system for the equity markets in the cash segment, in a move which would now reduce the margin burden on brokers. Sebi said that in case of a buy transaction in cash market, value at risk (VaR) margins, extreme loss margins and mark to market losses together will not exceed the purchase value of the transaction.

The market was volatile. After a firm start triggered by government sops to stimulate the economy announced after trading hours on Monday, 27 July 2009, the market soon slipped into the red. It cut losses after the RBI's policy announcement at about 11:15 IST. However the intraday recovery proved short lived. The market weakened again. The market bounced back one again in afternoon trade as the RBI kept policy rates at record low levels. The Sensex hit its highest level in more than a month. However, the market failed to sustain higher level and once again slipped into the red later.

The RBI has kept the key rates unchanged and increased the inflation forecast to 5% by end March 2010 from earlier 4%. The central bank raised its inflation forecast, saying an uncertain outlook for monsoon rains could "accentuate" inflation for already-high food prices. The repo rate, at which the central bank lends cash to banks, stays at 4.75%, and the reverse repo rate, at which it absorbs surplus cash from the banking system, stays at 3.25%. Both these rates are at record low level. The statutory liquidity ratio (SLR) was also kept unchanged at 24%.

The RBI also kept the cash reserve ratio (CRR), the amount of funds banks have to keep on deposit with it, unchanged at 5%. The RBI said the deposit growth is seen at 19% adding that there is scope for the banks to cut interest rates. The GDP is expected to grow at 6% in FY 2010, with an upward bias, the central bank said. At the time of the annual monetary policy announcement in April 2009, the central bank had forecast a 6% growth. So, the words 'upward bias' were the addition to that forecast.

RBI said it will maintain an accommodative monetary stance until robust signs of recovery in the economy are visible. The central bank will be ready with a roadmap to reverse the expansionary stance quickly and effectively thereafter. The Reserve Bank of India will have to reverse the expansionary measures to anchor inflation expectations and subdue inflationary pressures while preserving the growth momentum The exit strategy will be modulated in accordance with the evolving macroeconomic developments, the RBI said.

The conduct of monetary policy will continue to condition and contain perception of inflation in the range of 4% to 4.5%. This will be in line with the medium-term objective of 3% inflation consistent with India's broader integration with the global economy, the RBI said.

The central bank said it will actively manage liquidity to avoid government borrowing crowding out private credit demand. RBI also said that government will need to return to a path of fiscal consolidation

Finance Minister Pranab Mukherjee after trading hours on Monday, 28 July 2009 announced tax breaks for industrial park schemes and developers of real estate and road projects to stimulate the economy and lift growth to 8-9 percent by the end of 2010. He announced a 1% subsidy on home loans up to Rs 10 lakh, when the overall cost of the house does not exceed Rs 20 lakh.

In another measure that that could provide a boost to the realty sector the government has allowed developers of housing projects a tax holiday under section 80 IB(10) of the Income Tax Act on profits from projects approved between 1 April 2007 and 31 March 2008. The benefit is subject to a condition that the projects are completed on or before 31 March 2012.

The government has also extended tax holiday to developers of industrial parks by two years until March 2011. A tax holiday for firms engaged in food processing has also been extended. Producers of natural gas from coal-bed methane blocks would also be extended tax breaks.

Annual monsoon rains, running between June to September, are seeing a revival after a sluggish start. India's monsoon rains were 15% above normal in the week to 22 July 2009, the second consecutive week of above-average rainfall after an exceptionally dry patch at the start of the season. Total cumulative monsoon, which runs from June to September, was 19% below average, improving from a 27% deficit in the previous week, the India Meteorological Department said on Thursday, 23 July 2009.

More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.

Meanwhile, investor focus may shift from secondary market to the primary market as Adani Power's initial public offer of 30.16 crore shares in the price band Rs 90-100 opened for subscription from today, 28 July 2009. The issue received strong investors response and was subscribed 3.96 times by 16:00 IST. Adani said institutions including T. Rowe Price International Inc. demanded twice as many shares as offered in the so-called anchor investor portion of its initial sale.

The company will raise up to Rs 3,016 crore at the upper end of the price band, making it the second-biggest issue after Reliance Power.

Close on the heels of Adani Power, state-run NHPC is ready to hit the primary market in August to raise Rs 6000 crore. Besides, Oil India and Pipavav Shipyard collectively plan to raise over Rs 2000 crore. Earlier, on 17 July 2009 the government said it is considering a part sale of its shareholding in the telecom monolith Bharat Sanchar Nigam (BSNL) to the public. Currently, the government fully owns BSNL.

The Q1 June 2009 results announced so far have encouraging, with lower costs helping bottomline growth. The combined net profit of 891 companies rose 21.9% to Rs 48207 crore on 1.4% fall in sales to Rs 393192 crore in Q1 June 2009 over Q1 June 2008.

But equities may remain volatile ahead of expiry of July 2009 futures and options (F&O) contract on Thursday, 30 July 2009. As per reports, rollover of Nifty positions from July 2009 contacts to August 2009 contracts stood at 30%, as of Monday, 27 July 2009.

European markets reversed early gains and were trading marginally lower today, 28 July 2009. Key benchmark indices in UK, Germany and France were down by between 0.04% and 0.45%

Most Asian markets were in green today, 28 July 2009. Key benchmark indices in Hong Kong, Taiwan, Singapore, South Korea, China rose by between 0.13% and 1.62%. Japan's Nikkei 225 index was down marginally by 0.01%

US markets ended modestly higher on Monday, 27 July 2009 led by gains in banking shares after a bout of profit taking in early trade. The Dow Jones industrial average rose 15.27 points, or 0.17%, to 9,108.51. The S&P 500 index rose 2.92 points, or 030%, to 982.18, while the Nasdaq Composite Index rose 1.93 points, or 0.10%, to 1,967.89.

On the economic front, new home sales in June 2009 rose the most in more than eight years. Sales spiked 11% to hit a better-than-expected annualised rate of 3.84 lakh units.

Trading in US index futures showed the Dow could slide 29 points at the opening bell on Tuesday, 28 July 2009.

The BSE 30-share Sensex was down 43.10 points or 0.28% to 15,331.94. The Sensex opened 47.53 points higher at 15,422.57. The Sensex rose 88.42 points at the day's high of 15,463.46 in mid-afternoon trade, its highest level since 12 June 2009. The Sensex lost 134.51 points at the day's low of 15,240.53 in mid-morning trade.

The S&P CNX Nifty was down 8.20 points or 0.18% to 4,564.10. Nifty July 2009 futures were at 4562, at a discount of 2.10 points as compared to the spot closing. Turnover in NSE's futures & options (F&O) segment spurted to Rs 76,854.19 crore from Rs 50,488.19 crore on Monday, 27 July 2009.

The BSE clocked a turnover of Rs 7028 crore, compared to Rs 6063 crore on Monday, 27 July 2009.

The Sensex is up 5684.63 points or 58.92% in calendar year 2009 as on 28 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 7171.54 points or 87.88% as on 28 July 2009.

Coming back to today's trade, the market breadth, indicating the overall health of the market, was strong. On BSE, 1718 shares advanced as compared with 957 that declined. 94 shares remained unchanged.

The BSE Mid-Cap index was up 1.13% to 5,531.37 and the BSE Small-Cap index rose 1.68% to 6,245.81. Both these indices outperformed the Sensex

The BSE Realty index (up 4.64%), BSE Capital Goods index (down 0.03%), the BSE Power index (up 0.83%), the BSE TECk index (up 0.03%), the BSE Metal index (up 1.25%), BSE PSU index (up 0.52%), BSE Auto index (up 1.92%), outperformed the Sensex.

The BSE Healthcare index (down 0.60%), BSE FMCG index (up down 1.33%), BSE Consumer Durables index (down 0.82%), the BSE IT index (down 0.74%), the BSE Oil & Gas index (down 0.81%), the BSE Bankex (down 1.22%), underperformed the Sensex.

Among the 30-member Sensex pack, 20 advanced while the rest declined

Most auto stocks gained after the Reserve Bank of India (RBI) kept key policy rates unchanged at their historical low at its quarterly monetary policy review today, 28 July 2009.

India's largest truck market by sales Tata Motors galloped 10.01% to Rs 412.50 after a 3.76% jump in its ADR on Monday, 27 July 2009. It was the top gainer from the Sensex pack. The company reported 57.54% rise in net profit to Rs 513.76 crore on a 7.17% decline in total income to Rs 6723.99 crore in Q1 June 2009 over Q1 June 2008. Analysts had expected a steep fall in net profit due to lower sales volume. The result was announced at the fag end of the trading sessions today, 27 July 2009.

Tata Motors attributed the strong results to continued focus on cost efficiencies, decline in raw material prices and improvement in sales realization

India's largest tractor maker by sales Mahindra & Mahindra advanced 1.23% to Rs 826.15, rebounding from day's low of Rs 812.50. The company will unveil its Q1 June 2009 earnings on 30 July 2009.

India's top small car maker by sales Maruti Suzuki India gained 2.70% to Rs 1407 after striking a record high of Rs 1416.70 in intra-day trade today, 28 July 2009. The stock rebounded sharply from day's low of Rs 1346.60. The company had announced strong Q1 June 2009 results during market hours on 23 July 2009.

India's largest bike manufacturer by sales Hero Honda Motors lost 0.97% ahead of its Q1 June 2009 results on 29 July 2009.

Escorts surged 2.15% after net profit jumped 138.7% to Rs 22.22 crore in on 10.4% rise in net sales to Rs 582 crore in Q3 June 2009 over Q3 June 2008. The company announced the results after market hours on Monday, 27 July 2009.

India's largest power generation company by sales NTPC rose 1.12% after net profit jumped 27.1% to Rs 2193.62 crore on a 25.8% increase in sales to Rs 12002.68 crore in Q1 June 2009 over Q1 June 2008. The result was announced after market hours yesterday, 27 July 2009.

Other power generation firms gained as strong response to the Adani Power initial public offer which opened for subscription from today, 28 July 2009 lifted sentiment for the sector. Reliance Infrastructure (up 3.56%), Tata Power (up 2.45%), Reliance Power (up 0.16%), CESC (up 5.69%), advanced.

Realty stocks gained after the Reserve Bank of India (RBI) kept key policy rates unchanged at their historical low at its quarterly monetary policy review today, 28 July 2009.

DLF (up 3.49%), Unitech (up 8.75%), Housing Development & Infrastructure (up 4.50%), Parsvnath Developers (up 1.68%), and Indiabulls Real Estate (up 1.47%), advanced.

In another measure that that could provide a boost to the realty sector the government has allowed developers of housing projects a tax holiday under section 80 IB(10) of the Income Tax Act on profits from projects approved between 1 April 2007 and 31 March 2008. The benefit is subject to a condition that the projects are completed on or before 31 March 2012.

Housing finance companies rose after the government announced a 1% subsidy on home loans up to Rs 10 lakh, when the overall cost of the house does not exceed Rs 20 lakh.

HDFC (up 0.61%), LIC Housing Finance (up 3.03%), Deewan Housing Finance (up 12.28%), and GIC Housing (up 1.06%), gained

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 1.58% to Rs 1908, extending yesterday's over 3.78% fall. The fall in the stock materialised after the company posted disappointing Q1 June 2009 results after trading hours on Friday, 24 July 2009. Nevertheless, the stock recovered from day's low of Rs 1891

RIL's net profit fell 11.5% to Rs 3636 crore on a 22.9% decline in sales to Rs 32055 crore in Q1 June 2009 over Q1 June 2008. Reliance Industries (RIL) saw its net profit dip for the third straight quarter, as margins from its refining business halved and the global recession reduced fuel demand. RIL's gross refining margins (GRMs) - the difference between cost of crude oil and the price of refined petroleum products - came down 52.22% to $7.5 per barrel in Q1 June 2009 compared with $15.7 per barrel in Q1 June 2008.

Reliance Natural Resources (RNRL) chairman Anil Ambani on Tuesday accused the Petroleum Ministry of being biased in the legal dispute with brother Mukesh Ambani-led Reliance Industries (RIL) over the price of natural gas from the Krishna-Godavari basin. Addressing shareholders of the company, he also said the government would not lose a single rupee even if the gas from RIL's fields off the Andhra Pradesh coast were to be supplied to his company at the originally contracted price of $2.34 per unit.

Addressing shareholders at the RNRL's Annual General Meeting, Anil Ambani asked the Oil Ministry to cancel the Production Sharing Contract with RIL if it was really aggrieved and not challenge third party agreements. Giving details of the global gas scenario, he said the price of the industrial fuel had crashed 80% and the gas price of $4.2 per mmBtu (fixed by the Government) was "exorbitant" and against public interest.

Last month, the Bombay High Court had asked Reliance Industries to supply 28 million units of gas to Reliance Natural Resources for 17 years at $2.34 per unit, after assigning 12 million units to the state-run power utility NTPC. Reliance Industries challenged the verdict in the Supreme Court, which heard the case on 20 July 2009 and fixed 1 September 2009 as the next date of hearing. It also asked all the parties to file their replies on the government position on the matter by then.

BPCL rose 2.75% to Rs 462.80 after the company posted net profit of Rs 614.12 crore on 33.34% fall in total income to Rs 26,195.60 crore in Q1 June 2009 over Q1 June 2008. The company announced the results during trading hours today, 28 July 2009.

India's largest FMCG company by sales Hindustan Unilever slumped 6.72% to Rs 278.55, retracing sharply after striking a 52-week high of Rs 306 in intra-day trade on the BSE. The stock tanked after net profit declined 2.68% to Rs 543.19 crore on a 5.06% increase in total income to Rs 4536.17 crore in Q1 June 2009 over Q1 June 2008. The results were declared in late trade today, 28 July 2009. It was the top loser from the Sensex pack

Bank stocks were mixed after the Reserve Bank of India's (RBI) in its quarterly monetary policy review today, 28 July 2009, raised inflation forecast. India's largest private sector bank by net profit ICICI Bank was down 2.49%. The bank's net profit rose 20.63% to Rs 878.22 crore on a 9.61% decline in total income to Rs 7133.44 crore in Q1 June 2009 over Q1 June 2008. The bank reported its earnings on Saturday, 25 July 2009.

India's biggest bank in terms of branch network State Bank of India (SBI) fell 1.90%. The bank's chairman today, 28 July 2009 said that credit growth is expected to pick up in second half of the year. The state-run bank reduced interest rates on deposits by 25-50 basis points (a basis point equals one-hundredth of a percentage point) with effect from Monday, 27 July 2009.

However, India's second largest private sector bank in terms of operating income HDFC Bank rose 0.52% to Rs 1442. The stock slipped to day's low of Rs 1400 mirroring a 1.9% fall in its American depository receipt (ADR) on Monday, 27 July 2009.

Karnataka Bank fell 1.55% after the bank's gross non-performing assets rose 7.30% to Rs 447.12 crore in Q1 June 2009 over Q1 June 2008. Karnataka Bank's net profit surged 93.5% to Rs 40.06 crore on 20.1% rise in total income to Rs 609.67 crore in Q1 June 2009 over Q1 June 2008. The bank announced the results after market hours on Monday, 27 July 2009.

Kotak Mahindra Bank declined 1.63% after the bank's consolidated gross non-performing assets surged 65.83% to Rs 1084.48 crore in Q1 June 2009 over Q1 June 2008. The bank's consolidated net profit surged 71.70% to Rs 257.29 crore on 57.69% rise in total income to Rs 2,345.26 crore in Q1 June 2009 over Q1 June 2008.

Karur Vysya Bank jumped 6.19% after net profit galloped 131.02% to Rs 70.53 crore on 29.49% rise in total income to Rs 487.37 crore in Q1 June 2009 over Q1 June 2008. The bank declared its results during trading hours today, 28 July 2009.

Diversified major Grasim Industries slipped 2.18% despite 61% rise in net profit to Rs 1080 crore on 15% rise in net revenue to Rs 5123 crore in Q1 June 2009 over Q1 June 2008. The results were announced during trading hours today.

IT stocks were mixed, recovering from early lows. India's second largest IT firm by sales Infosys lost 1.50% to Rs 1995, off day's low of Rs 1968.25. India's largest IT exporter by sales TCS rose 0.06% to Rs 480.50, after slipping to day's low of Rs 472. On 17 July 2009, TCS announced Q1 results that beat market expectations. India's third largest IT exporter by sales Wipro gained 0.82% to Rs 463.50, after touching day's low of Rs 452. On 22 July 2009, Wipro announced better-than-expected Q1 results.

Telecom pivotals advanced ahead of meeting of a Group of Ministers (GoM) to decide on the base price for 3G spectrum on 31 July 2009.

India's largest cellular services provider by sales Bharti Airtel rose 0.31%. As per reports, Bharti Airtel and South Africa's MTN may extend by about four weeks their 31 July 2009 deadline for talks to agree on a merger.

Bharti and MTN have been in exclusive talks that could lead to a merger creating the world's No. 3 wireless group with more than 200 million subscribers and combined revenue of $20 billion.

India's second largest cellular services provider by sales Reliance Communications rose 2.73%.

The GoM is set up to look into matters relating to pricing of spectrum and number of operators to be allowed in each telecom circle. The finance ministry had proposed a base price of Rs 4,040 crore for 3G spectrum, whereas the Department of Telecom (DoT) suggested a price of Rs 3,540 crore. While presenting the Union Budget, the finance minister, Mr Pranab Mukherjee, said Rs 35,000 crore was expected to be raised from the auction.

Metal stocks were mixed with some stocks correcting after recent strong gains. LMEX, a gauge of six metals traded on the London Metal Exchange, advanced 1.25% on Monday, 27 July 2009.

Tata Steel (up 2.22%), Sterlite Industries India (up 0.67%), Steel Authority of India (up 1.42%), and Hindalco (up 0.43%), gained. National Aluminium Company (down 0.87%), Jindal Steel & Power (down 2.66%), Hindustan Zinc (down 0.36%), declined.

Unitech was the top traded counter on BSE with turnover of Rs 380.29 crore followed by DLF (Rs 239.78 crore), Reliance Industries (Rs 231.56 crore), Tata Steel (Rs 217.23 crore), and HDIL (Rs 199.04 crore).

Unitech was also the volume topper on BSE clocking volume of 4.06 crore shares followed by Ispat Industries (1.68 crore shares), Reliance Natural Resources (1.47 crore shares), Suzlon Energy (1.23 crore shares) and IFCI (1.09 crore shares)

Tyre shares extended gains for the second running day on fresh buying following robust earnings reported by MRF, Apollo Tyres and JK Tyres.

MRF (up 3.93%), Goodyear India (up 1.89%), Balkrishna Industries (up 3.11%), and TVS Shrichakra (up 5%), gained.

On 27 July 2009, MRF reported a 294% jump in net profit to Rs 125.70 crore on 12.4% rise in net sales to Rs 1433.55 crore in Q3 June 2009 over Q3 June 2008. JK Tyre reported a two fold spurt in net profit, while Apollo Tyres posted a 95% jump in net profit in Q1 June 2009 over Q1 June 2008.

Rashtriya Chemicals & Fertilizers surged 7.01% after net profit soared 65.5% to Rs 31.55 crore on 46% fall in net sales to Rs 843 crore in Q1 June 2009 over Q1 June 2008. The company announced the results after trading hours on Monday, 27 July 2009.

Cadila Healthcare soared 10.59% to Rs 444.40. The company, during market hours on Monday, 27 July 2009, reported a 120.3% spurt in net profit to Rs 122.56 crore on 8.4% rise in sales to Rs 465.27 crore in Q1 June 2009 over Q1 June 2008. The stock had risen 3.26% to Rs 401.85 on Monday boosted by the Q1 numbers.

Shree Renuka Sugars climbed 8.83% to Rs 167.05. The company, during market hours on 21 July 2009, reported a 165.7% surge in net profit to Rs 61.10 crore on a 17.3% increase in sales to Rs 715.50 crore in Q3 June 2009 over Q3 June 2008.

Punj Lloyd lost 2.10% despite 13.69% rise in consolidated net profit to Rs 127.16 crore on 12.07% rise in consolidated total income rose to Rs 2,979.04 crore Q1 June 2009 over Q1 June 2008. The company declared its results after market hours on Monday, 27 July 2009.